The Prestige Group has entered into a binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects, it announced on Thursday

The shares of Prestige Estates Projects Ltd were down 0.60% at Rs296.05 from the previous close on BSE on Thursday. Photo: Reuters

New Delhi: Realty firm Prestige Group on Thursday said it has entered into an agreement to acquire 80% stake in Sterling Urban Infraprojects, which holds land parcels in Bengaluru, for a cash consideration of Rs336 crore.

“The company has entered into a binding agreement for acquisition of 80% stake held by investors and its affiliates in Sterling Urban Infraprojects Pvt Ltd,” Prestige Estates Projects Ltd said in a BSE filing.

“The transaction is in ordinary course of business and is being done at arm’s length on a cash consideration of Rs336 crore,” it added.